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B. Riley Financial, Inc. (NASDAQ: RILY) is a publicly traded, diversified financial services company that takes a collaborative approach to the capital raising and financial advisory needs of public and private companies, as well as high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC, which encompasses B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC. Additionally, B. Riley Principal Investments focuses on proprietary investments in other businesses, such as the acquisition of United Online, Inc.
The company's core segments include Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products. B. Riley Financial offers a broad range of services including investment banking, financial consulting, asset disposition, valuation, and appraisal, catering to corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe. Recent highlights include:
- Financial Performance: Preliminary unaudited financial results for the year ending December 31, 2023, indicate a strategic focus on core business growth and reducing dividend payouts to invest in business opportunities. The company reported a 36% increase in financial consulting revenues and an 86% rise in operating income for 2023.
- Strategic Initiatives: B. Riley has retained Moelis & Company as an independent financial advisor to review strategic alternatives for its appraisal and asset disposition businesses.
- Leadership: The recent addition of Virginia Schnippel as Managing Director to B. Riley Advisory Services highlights the company's commitment to expanding its advisory capabilities.
- Partnerships and Investments: The firm continues to make significant investments, such as funding the redevelopment of a recycling processing facility in New Jersey, and partnering with strategic investors to support environmental sustainability initiatives.
- Dividend Declaration: The Board of Directors announced a quarterly dividend of $0.50 per common share, emphasizing the company's commitment to shareholder value.
With an extensive portfolio of services and a proactive investment strategy, B. Riley Financial is positioned to provide comprehensive financial solutions tailored to the unique needs of its diverse client base. Visit www.brileyfin.com to learn more about their services.
B. Riley Financial, one of the largest creditors of Core Scientific, is proposing a debt restructuring plan to avoid bankruptcy, which they believe would destruct value for all stakeholders. Following Core's significant share price drop (86% to $0.15), B. Riley suggests providing $72 million in new financing. This plan aims to stabilize the company and enhance liquidity. It includes restructuring terms that would allow Core to service its debts, particularly in light of fluctuating Bitcoin prices, which directly impact Core Scientific's financial health.
B. Riley Financial reported total revenues of $340.4 million for Q3 2022, down from $381.5 million in Q3 2021. Net income was $45.8 million, or $1.53 per diluted share, a decrease from $48.6 million or $1.69 per share year-over-year. However, Adjusted EBITDA rose to $141.4 million, compared to $114.1 million in the prior year. The company declared a quarterly dividend of $1.00 per share and approved a $50 million share repurchase plan. This performance highlights B. Riley's resilience and strategic investments despite challenging market conditions.
B. Riley Securities, a subsidiary of B. Riley Financial (NASDAQ: RILY), announced the addition of a nine-member team specializing in Healthcare and Life Sciences from Huron Transaction Advisory. Senior Managing Director James Metcalf and Managing Director Benjamin Matz lead the team, enhancing B. Riley's capabilities in healthcare investment banking. This strategic move aims to strengthen B. Riley's position in the healthcare deal-making space, reflecting a commitment to expanding their advisory services in a rapidly evolving market.
B. Riley Financial, Inc. (NASDAQ: RILY) is set to release its financial results for the third quarter ending September 30, 2022, after market close on November 3, 2022. The company will host an investor call at 4:30 p.m. ET to discuss these results, featuring Co-CEOs Bryant Riley and Tom Kelleher, along with CFO and COO Phillip Ahn. Investors can access the live broadcast and subsequent recording via the company’s investor relations website.
B. Riley Financial has acquired Targus, a leader in consumer and enterprise productivity products, for approximately $250 million. This transaction values Targus at about 5.2x Adjusted EBITDA based on its $415 million revenue for the trailing twelve months ending June 2022. The acquisition is financed through a mix of bank and seller financing, with significant capital allocated for shareholder dividends and repurchases. Targus's CEO, Mikel Williams, continues to lead the company, now as part of B. Riley's portfolio, enhancing the financial services firm's growth potential.
B. Riley Financial has announced the acquisition of a second portfolio of performing receivables from W.S. Badcock Corporation, part of Franchise Group. This purchase, valued at approximately $168 million, involves the acquisition of $198 million in receivables, financed through a $148 million senior secured term loan. The prior acquisition in December 2021 was valued at $535 million for around $400 million. The CEO stated that this investment enhances relationships and aims to generate strong returns for shareholders.
B. Riley Financial (NASDAQ: RILY) announced cash dividends for its preferred stock. The 6.875% Series A Preferred Stock will yield $0.42968750 per depositary share, while the 7.375% Series B Preferred Stock will provide $0.4609375 per depositary share. These dividends are set to be paid on or about October 31, 2022, to holders of record by the close of business on October 21, 2022. Each depositary share represents 1/1000th of a share with a liquidation preference of $25.00.
On October 4, 2022, GA Europe, part of B. Riley Financial (NASDAQ: RILY), announced its collaboration with CM Sports GmbH to revitalize RENO, a prominent German shoe chain. This partnership involves realigning RENO's store footprint and restocking inventory. RENO operates around 290 locations across Germany, Austria, and Switzerland. GA Europe has purchased inventory and other assets to facilitate a sale of existing stock, paving the way for new merchandise. CM Sports will manage RENO's operations and plans to re-open stores with fresh offerings soon.
B. Riley Wealth has welcomed Jay Murphy as a Senior Managing Director of Investments. Murphy, with over 40 years of experience, is tasked with serving high-net-worth clients. His hiring aligns with the firm's recent relocation to Boston's financial district at 10 Post Office Square. The firm manages over $25 billion in assets and boasts a team of around 500 financial advisors.
Murphy's prior experience includes positions at Deutsche Bank and Credit Suisse, enhancing B. Riley's expanding wealth management platform.
B. Riley Securities will host its 2nd Annual Crypto Conference on September 29, 2022 in New York. The event aims to connect institutional investors with leading companies in the digital asset space, including blockchain infrastructure and decentralized finance. Attendees will benefit from fireside chats and one-on-one meetings with executives from various firms. B. Riley is recognized as a major underwriter for crypto-related businesses, having raised hundreds of millions since 2021. This invitation-only event emphasizes the firm's commitment to serving stakeholders in the evolving crypto economy.
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